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Nexo, a prominent institution for regulated digital assets, has reaffirmed its inclusion of Shiba Inu on its platform with an…
The post Leading Institution Nexo Affirms Shiba Inu Listing with Educational Notes first appeared on The Crypto Basic.
Compare Qubetics, Avalanche, and Arweave best crypto to buy now. Explore Web3 presales, tokenization, and real-time data.
The post Qubetics, Avalanche, Arweave Updates: Best Crypto to Buy Now appeared first on Kanalcoin.
Nexo's Dubai entity gains initial approval from VARA, marking a significant step in expanding its virtual asset services in the UAE.
Nexo's entity based in Dubai, Nexo Services FZE, has secured the initialapproval from Dubai's Virtual Assets Regulatory Authority (VARA) to offerlending, borrowing, investment, and broker-dealer services for virtual assets.This marks the digital asset platform's entry into Dubai's crypto space.
Kalin Metodiev, the Co-Founder and Managing Partnerat Nexo, mentioned: "Nexo is enthusiastic about the pursuit of new marketstrategies aligned with the transformative guidance of Dubai's Virtual AssetRegulatory Authority."
Nexo's Global Expansion
Dubai established the VARA in 2022, highlighting theregion's commitment to becoming a global hub for digital asset innovation. ForNexo, with its user base of 7 million, Dubai represents a significantopportunity in its global expansion plans.
VARA regulates virtual assets across the Emirate of Dubai, including Special Development Zones and Free Zones, but excluding the Dubai International Financial Centre. This entity plays an important role in creating legal frameworks for protecting investors and establishing international standards for the virtual asset industry.
Nexos Dubai entity, Nexo DWTC, has been awarded an Initial Approval from Dubais Virtual Assets Regulatory Authority (VARA) for a vast range of virtual asset service activities. Dubais forward-looking culture of innovation is a natural fit for our goal in contributing to pic.twitter.com/H5dPjzXru2
Nexo (@Nexo) March 5, 2024Recently, Nexo launched a legal offensive against the Republic of Bulgaria, filing an arbitration claim exceeding $3billion. The claim stems from what Nexo termed unjust and politicallymotivated interferences by Bulgarian authorities, disrupting crucial deals andcausing significant financial harm.
Nexo's pursuit of justice followed the dismissal of criminal charges against its leadership, including Kosta Kantchev,Antoni Trenchev, Kalin Metodiev, and Trayan Nikolov. The company's collaborations with investment banksfor a funding round and an IPO valued at $8-$12 billion were disrupted. Moreover,a strategic partnership with a major European football club was abruptlyhalted.
Defying Regulatory Hurdles
Last year, Nexo was forced to cease certain services for itsusers in the UK. The company made this decision due to the mandate of theFinancial Conduct Authority (FCA). These regulations compelled Nexo to phaseout cashback payouts and referral programs.
As part of the compliance measures, Nexo discontinuedcashback payouts for transactions on its exchange and Nexo Card. Besides that,the firm ended its referral and affiliate programs.
Nexo's actions reflected a response to theFCA's regulatory mandates by the broader industry. Notably, other financial firms, including PayPal,Luno, and Bybit, have adjusted their services in the UK. For instance,PayPal temporarily suspended cryptocurrency sales to its users in the UK for at leastthree months, starting October 1 last year.
This article was written by Jared Kirui at www.financemagnates.com.Nexo Card's holiday spending hits $50M, earning the FinTech Breakthrough Award for payment innovation.
A coalition of over 25 leading organizations, including Bitcoin Magazine, rallies to introduce an official Bitcoin emoji.
Dimitar Bratovanov spoke with CryptoPotato about the challenges Nexo faced amid the crypto lenders' crisis in 2022 and how the firm is preparing for the current bull market.
Nexo looks to keep pace with regulatory requirements by implementing new certification requirements for its compliance team.
In a significant step, Nexo, the world’s leading institution for digital assets, has joined an innovative group of companies by joining the Association of Certified Sanctions Specialists (ACSS), proving a steadfast dedication to international regulatory compliance. Nexo wants to boost the team’s competencies by using ACSS’s vast databases, rigorous training
After enduring a gruesome week with Bitcoin’s pullback to $27,500, crypto investors now face another uphill task—to hold prices steady. The most prominent cryptocurrency trades [...]
Ripple’s XRP has been making headlines for many months now, with the excitement mostly circling around the case against the United States Securities and Exchange Commission. Earlier in July, Judge Analisa Torres ruled that secondary sales of XRP do not constitute investment contracts. The news was widely perceived as positive, and the markets reacted immediately, […]
Participants in the crypto market continue to wait for the stalemate between bulls and bears to resolve after Bitcoin rolled back under $30,000 last week. [...]
The new project will use blockchain technology and smart contracts to develop core game systems in the Eve ecosystem.
The post Eve Online Developer ‘CCP Games’ Enters Web3 Space, Secures $40M Funding for Blockchain Game Launch appeared first on BitPinas.
Nexo is expected to terminate its EIP program in Ohio on April 1, 2023.
Nexo Capital's cryptocurrency yield-bearing product is being shut down in the US following a multi-million dollar settlement with the SEC and NASAA. (Read More)
Following Nexo’s settlement with US Securities and Exchange Commission (SEC), and the North American Securities Administrators Association (NASAA), the lending
The crypto lender has urged US-based customers to withdraw their funds soon.
The Bulgarian authorities launched their attack on Nexo to sabotage the third mandate, Trenchev maintained.
Nexo Capital, a crypto lender, will pay $45 million to the SEC and NASAA (NASAA). SEC and NASAA announced the announcement on Jan 19. (Read More)
The US Securities and Exchange Commission (SEC) has levied a $45 million fine on Nexo Capital Inc. The SEC explains the reason for the fine in a tweet, Today we charged Nexo Capital Inc. with failing to register the offer and sale of its retail crypto asset lending product, the Earn Interest Product (EIP). To settle charges, Nexo agreed to pay $22.5 million and cease its unregistered offer and sale of the EIP to U.S. investors. The $22.5 million fine for selling EIP to US investors. Moreover, the $22 million fine will go through settling the claims by State Regulatory Authorities. The SEC Chairman, Gary Gensler, reinforces that crypto organizations must comply with its policies. Failure to do so will allow the SEC to hold the defaulters accountable. Related Reading: JPMorgan Taps Former Celsius Exec As Crypto Regulatory Policy Director What Is EIP And Why The Fine? Starting in June 2020, Nexo is marketing and selling its Earn Interest Product (EIP) in the USA. Nexo operates so that it lends money to its customers, and interest becomes its primary source of income. Nexo uses this interest income to pay interest on its loans further. However, several states in the USA alleged that Nexo’s earn-interest service is not registered as a Security. As a result, the states of California, Oklahoma, Vermont, South Carolina, Kentucky, and Maryland took the company to court. They demanded a cease-and-desist order on the company’s EIP service. Related Reading: California State Kills Main Crypto Bill, Why? The SEC order says that Nexo used its EIP service to fund interest payments and inject it into its other businesses. Moreover, the SEC holds Nexo at fault because their EIP Security fails to meet the requirements for an exemption from the regulatory authority. Today we charged Nexo Capital Inc. with failing to register the offer and sale of its retail crypto asset lending product, the Earn Interest Product (EIP). To settle charges, Nexo agreed to pay $22.5 million and cease its unregistered offer and sale of the EIP to U.S. investors. — U.S. Securities and Exchange Commission (@SECGov) January 19, 2023 Even though Nexo agrees to pay the fine and stop the EIP service, they have not confirmed the allegations. In response to the penalty, Nexo also published a settlement tweet confirming that they agree to a no-admit-no-deny settlement. Nexo has reached a final landmark resolution with the U.S. Securities and Exchange Commission (SEC), the North American Securities Administrators Association (NASAA), consisting of all 50 U.S. States & 3 territories and the Attorney General of New York.??https://t.co/modjbPsOdV — Nexo (@Nexo) January 19, 2023 Further, Nexo’s Co-Founder Antoni Trenchev says, We are content with this unified resolution which unequivocally puts an end to all speculations around Nexo’s relations with the United States. We can now focus on what we do best – build seamless financial solutions for our worldwide audience. SEC Is Getting More Vigilant And Strict Noting some of the SEC’s previous actions on crypto companies, it can be said that it is tightening the noose. In February 2022, SEC fined BlockFi $100 million for its unregistered securities offerings. The BlockFi fine acted as a warning for several other crypto firms offering similar products. A Cornerstone Research finds several proceedings in which the SEC holds crypto companies accountable for their services, solutions, and actions. Over 30 such enforcement proceedings came under the chairmanship of Gary Gensler in 2022. Similar to the Nexo case, the SEC also charged Gemini for its unregistered service in the form of sales of securities. Featured Image From UnSplash, Chart From TradingView.com
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